Taxation i c237 Study guides, Class notes & Summaries
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Taxation I WGU - C237, Exam Questions and answers, 100% Accurate. VERIFIED 2024 | 33 Pages
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After reinstatement of the individual federal income tax in 1894, why was the tax challenged in the 
courts? 
A. Revenue from taxes was no longer necessary because the Civil War was over. 
B. Administration would be difficult since the tax was apportioned in proportion to state populations. 
C. The preferred method of taxation was on business transactions as opposed to individual income tax. 
D. The U.S. Constitution failed to define the meaning of income which would arguably prevent consistent ...
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WGU C237 Taxation I, Exam Questions and answers, 100% Accurate, VERIFIED 2024 | 29 Pages
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Define each component of the individual income tax formula - -income from whatever source 
derived 
exclusions=any item of income that the tax laws says is not taxable 
gross income=all income received in cash, property, and services from whatever source derived and from 
which the taxpayer derives a direct economic benefit 
deductions for AGI=expense one would see on an income statement (wages, repairs, depreciation) and 
some nonbusiness deductions (alimony, moving expenses, IRA contributions)...
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(WGU C237) ACCT 3630 TAXATION I FINAL EXAM REVIEW Q & A 2024
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(WGU C237) ACCT 3630 TAXATION I FINAL EX(WGU C237) ACCT 3630 TAXATION I FINAL EXAM REVIEW Q & A 2024(WGU C237) ACCT 3630 TAXATION I FINAL EXAM REVIEW Q & A 2024(WGU C237) ACCT 3630 TAXATION I FINAL EXAM REVIEW Q & A 2024AM REVIEW Q & A 2024
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Bundle for C237,WGU, Taxation I Review tests compilation | everything you need
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Bundle for C237,WGU, Taxation I Review tests compilation | everything you need
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C237 Taxation I| Questions With 100% Correct Answers | Verified
- Exam (elaborations) • 31 pages • 2023
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Define each component of the individual income tax formula - income from whatever source derived 
exclusions=any item of income that the tax laws says is not taxable 
gross income=all income received in cash, property, and services from whatever source derived and from 
which the taxpayer derives a direct economic benefit 
deductions for AGI=expense one would see on an income statement (wages, repairs, depreciation) and 
some nonbusiness deductions (alimony, moving expenses, IRA contributions) 
...
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WGU C237 Taxation I, Exam Questions and answers, 100% Accurate. Graded A+ 2024
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Tax. (CHAPTER 1) 
a payment required by a government that is unrelated to any specific benefit or service received from 
the government 
3 Criteria 
Payment must be 
*Required (not INVOLUNTARY) 
*Imposed by a government agency (federal, state, local) 
*Not tied directly to the benefit received by the taxpayer 
- Continuous debate whom to tax, what to tax, how much to tax 
Sin Tax 
taxes imposed on the purchase of goods -e.g., alcohol, tobacco products - that are considered socially 
less desirab...
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WGU C237 Taxation I Comprehensive Actual Exam Questions With Detailed Correct Answers.
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Describe the history of taxation in the US - correct answer 1861 - to finance civil war 
1894 - Income tax reinstated but ruled unconstitutional 1895 
1913 - 16th amendment 
1940 - WWII mass tax 
1943 - pay as you go withholding 
1986 - Internal Revenue Code 
 
Identify the sources of tax law - correct answer Legislative Branch 
 - Internal Revenue Code (Top) 
 - Congressional Committee Reports 
Executi...
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WGU C237 Taxation I Review, Questions and answers, 100% Accurate. VERIFIED 2024
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After the reinstatement of the individual federal income tax in 1894, why was the tax challenged in the 
courts? - Administration would be difficult since the tax was apportioned in proportion to state 
populations 
What are two primary sources of tax law in the United States? - Revenue Rulings, Court Decisions, 
Internal Revenue Code, Congressional Committee Reports, Income Tax Regulations, Revenue Procedures, 
and letter rulings 
What is a primary source of tax law in the United States? - Inte...
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(WGU C237) ACCT 3630 TAXATION I FINAL EXAM REVIEW Q & A 2024
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(WGU C237) ACCT 3630 TAXATION I FINAL EXAM REVIEW Q & A 2024(WGU C237) ACCT 3630 TAXATION I FINAL EXAM REVIEW Q & A 2024
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WGU C237 Taxation I Review for Final, Exam Questions & Answers, Graded A+ 2024
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B)Progressive tax rate structure 
The U.S. Federal Income Tax System is: 
A)Regressive tax rate structure 
B)Progressive tax rate structure 
C)Proportional tax rate structure 
D)Possessive tax rate structure 
marginal tax rate 
U.S. Federal and State Income Taxes use a progressive tax rate structures. Progressive tax rate structures 
increase the ______________ as the tax base increases. 
Regressive tax rate 
_______________structures decrease the marginal tax rate as the tax bases increases. 
R...
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